The Pound had a big move leading into Teresa Mays
leadership challenge yesterday morning. May survived the
vote, though this was widely rumored, so there was not
actually too much movement on the result. In some ways
having this behind them, removes one layer of uncertainty
for the UK, and the Pound is stronger as a result.

In developing news, The French President Emmanuel Macron
could also be facing his own no confidence vote, if
left-wing lawmaker’s motion that has been tabled gets
passed. Very early days, but definitely something to watch
out for.

US Retail Sales out tonight, but the
market is really waiting on next Thursdays FOMC statement
and Federal Funds rate. Recently Interest rate decisions
have been very anticlimactic as they are so widely
foreshadowed and the market has already priced them in.
Thursday’s hike however, is only given a 80% chance of
happening, so is going to generate some volatility
regardless. As ever, any hints on future hikes will also be
closely scrutinized.

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